AIB to see 10% growth

AIB is unlikely to provide any unwelcome shocks when it reports interim figures in what is a busy week on the corporate and economic front. Analysts are forecasting growth of around 10 per cent in profits to around €595 million. Weaker net interest margins due to increased competition look set to be offset by buoyant volume growth in the business banking market.

Overall, it is again domestic and British operations which are expected to provide the bulk of the profits with investment ongoing in Poland and the US market in poorer shape generally. As with it rivals, the market will be looking for news of developments in the bank's e-commerce strategy.

Monday

Results: Air Liquide (Q2), Filtronic, Hang Seng Bank (H1), Hepworth (H1), HSBC Holdings (H1), Ocean (H1), Pearson (H1), Royal Blue (H1), RPS Group (H1), Scottish Power (Q1), Vinci (Q2), Waste Recycling (H1), H Young Holdings (H1).

A.G.M.: Cooley Distilleries, James Fisher (e.g.m.), Glencar, Highbury House Comms (e.g.m.), South African Breweries, UK Land, Workspace Group, 10 Group.

Indicators: Irish credit figures (Jun); British consumer lending (Jun), M4 (Jun) and M0 (Jul) data; US Chicago purchasing managers' index (May); French producer prices (Jun); Italian producer prices (Jun); Japanese construction orders (Jun) and housing starts (Jun).

Others: IBEC publishes quarterly economic report.

Tuesday

Results: Astra Zeneca (H1), Ben Bailey (H1), British American Tobacco (H1), Caradon (H1), Croda Int'l (H1), Cigna Corp (Q2), Jardine Lloyd Thomson (H1), Mayflower Corp (H1), Procter & Gamble, Randgold & Exploration (H1), Randgold Resources (Q2), Royal Bank of Scotland, incl Ulster Bank (H1), Scania (H1),

A.G.M.: Compco Holdings, Finsbury Trust, Oxford Instruments, Peacock Group, Severn Trent.

Indicators: EMU PMI (Jul), unemployment (Jun) and M1 (Jun); British PMI (Jul); US personal income/spending (Jun), construction spending (Jun), NAPM (Jun) and car data (Jun); German wholesale sales (Jun); French housing starts (Jun) and PMI (Jul); Italian PMI (Jul), industrial orders (May) and industrial sales (May); German PMI (Jul).

Others: IBEC publishes food industry report.

Wednesday

Results: Alllied Irish Banks (H1), Anglo & Overseas (H1), Baltimore Technologies (H1), CGNU incl Hibernian (H1), GKN (H1), Northgate Info Sols, Societe Generale (H1), Standard Chartered (H1), Stora Enso (H1), Sysco Corp, TDG (H1), Woolwich (H1).

A.G.M.: Acatos & Hutcheson, James Cropper, Halma.

Meetings: Bank of England monetary policy committee (to Thurs).

Indicators: EMU trade balance (May prelim; Apr revised), GDP (Q1 3rd) and retail sales (May); Irish Exchequer borrowing (Jul) and public sector employment & earnings (Dec); British CBI distributive trades survey (Jul); US leading indicators (Jun) and new home sales (Jun); Italian business confidence (Jun).

Others: ITouch flotation takes place.

Thursday

Results: Abbey, Amvescap (H1), Barclay's Bank (H1), Gold Fields (Q2), Haynes Publishing, Lasmo (H1), Mannesmann (H1), Metsa-Serla (H1), Rio Tinto (H1), Royal & Sun Alliance (H1), Royal Dutch Shell (H1), Sara Lee, Telewest Comms (H1), TI Group (H1).

A.G.M.: Dart Group, Finsbury Worldwide, Interx (e.g.m.), Raglan Properties.

Meetings: European Central bank governing council meets.

Indicators: EMU business, industrial and consumer surveys (Jul), economic sentiment (Jul) and PMI (Jul); Irish total external trade (May); British official reserves (Jul), housing starts/completions (Jul); US factory orders (Jun), NAPM non-manufacturing (Jun); Japanese household spending data (Jun); French consumer confidence (Jul).

Others: Bank of England monetary policy committee issues interest rates decision.

Friday

Results: BSkyB, Greggs (H1), Unilever (H1).

A.G.M.: Majestic Wine, Total Systems.

Indicators: EMU producer prices (Jun); US unemployment (Jul), average hourly earnings (Jul), average working week (Jul) and housing completions (Jun); Irish unemployment (Jun); Japanese leading/coincidental indicators (Jun); German manufacturing new orders (Jun).